Big Picture Loans, LLC Payday Loan Complaint

Payday loan Charged fees or interest I didn't expect charged fees or interest i didn't expect

Big Picture Loans, LLC Payday loan department,

Payday loan Charged fees or interest I didn't expect Charged fees or interest I didn't expect Georgia

I completed and application online for Big Picture Loans.I was Instantly approved for a payday loan with Big Picture loans for the amount of $400.00. When they called me I was informed I was approved for $800.00. I was informed to go to my computer and sign the loan agreement. At the time it was showing I was to pay $280.00 bi-weekly for a total of $1000.00. Which is a bit high, but I was in a bind so I agreed to the amount. After completing the application process with the rep. over the phone I was informed the money would be deposited into my account within 24 hours. On Friday morning the money was in my account. I recently logged back into my account and printed out the loan papers showing the schedule when the payments will be deducted from my account. Now the Agreement is showing that I will be pay 993.3438 % interest. Finance charge is $6000.00. Total amount owed is $6800.00. Now this is Extremely too much to pay on a $800.00 loan. I am not trying to get out of paying what I owe, however this is highway robbery. And should be against the law.

Big Picture Loans, LLC customer in Georgia
Nov 14, 2016

* Source: CFPB Complaint Database

Big Picture Loans, LLC response to complaint:
Closed with explanation

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